[The following information applies to the questions displayed below.] Joseph contributed $38,750 in cash and equipment with a tax basis of $12,000 and a fair market value of $16,700 to Berry Hill Partnership in exchange for a partnership interest.

a. What is Josephs tax basis in his partnership interest?

[The following information applies to the questions displayed below.] Joseph contributed $38,750 in cash and equipment with a tax basis of $12,000 and a fair market value of $16,700 to Berry Hill Partnership in exchange for a partnership interest.

b. What is Berry Hills basis in the equipment?

Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions:

Sales revenue	$ (53,500)
Long-term capital gains	$ 2,100)
Cost of goods sold	$ (16,600)
DepreciationMACRS	$ (4,000)
Amortization of organization costs	$ (1,190)
Guaranteed payments to partners for general management	$ (17,300)
Cash distributions to partners	$ (3,300)

a. Given these items, what is Turtle Creeks ordinary business income (loss) for the year?

[The following information applies to the questions displayed below.] Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions:

Sales revenue	$ (53,500)
Long-term capital gains	$ 2,100)
Cost of goods sold	$ (16,600)
DepreciationMACRS	$ (4,000)
Amortization of organization costs	$ (1,190)
Guaranteed payments to partners for general management	$ (17,300)
Cash distributions to partners	$ (3,300)

b. What are Turtle Creeks separately stated items for the year? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

check all that apply

• Sales revenueunanswered
• Long-term capital gainsunanswered
• Cost of goods soldunanswered
• Depreciation MACRSunanswered
• Amortization of organization costsunanswered
• Guaranteed paymentsunanswered
• Cash distributionsunanswered